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Stock index tops 9,000 for the first time

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By Madelaine B. Miraflor

There is certainly no stopping the local stock market rally which managed to end the week with another record on the back of bright economic prospects.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) finished at 9,041.20, inching up by 42.03 points, or 0.47 percent, the first time it closed above the 9,000-mark.

“In a see-saw trading session, the Philippine market ended yesterday’s session in the green ahead of window dressing next week. Sentiment was carried over from last night’s regional performances as well,” Marita Limlingan, president of Regina Capital Development Corp., said.

She specified that Dow Jones Industrial Average managed to hold in positive territory albeit the broader market relinquished gains Thursday afternoon in volatile trade, following President Donald Trump’s dollar-supportive comments. US markets also had to digest the latest statement from the European Central Bank as well.

Moving forward, Limlingan said participants can expect a sideways trade leading up to the first window-dressing of the month.

Majority of the sectors were up, led by holding firms, which rose by 94.69 points, or 1.02 percent to 9,352.46, followed by property, which went up by 30.62 points, or 0.75 percent to 4,122.44.

Next to them were industrial, which added 16.73 points, or 0.14 percent to close at 12,067.48, and services, which slightly improved by 0.47 points, or 0.03 percent to 1,696.81.

However, mining and oil failed to go up and instead lost 93.42 points, or 0.76 percent to 12,189.62, while financials retreated by 10.02 points, or 0.44 percent to 2,255.09.

The value of shares that changed hands on Friday was also lower at P7.8 billion. Advancers, 110, still managed to outnumber losers, 97. 52 issues were unchanged.

Some of the most actively traded stocks were BDO Unibank, Inc.; Ayala Land, Inc.; SM Prime Holdings, Inc.; and SM Investments Corp.

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